/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Oct. 7 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN) (the "Corporation") is pleased to provide the following update on its activities in Colombia.
Colombia Oil Production - Continuing Growth Expected
The Corporation's Colombian oil production, which averaged 311 bbls/day through the third quarter of 2009 (net to the Corporation after royalty), increased to an average of 341 bbls/day during September (net to the Corporation after royalty) as the production performance of the Cohembi 1 well continues to improve. Following a recent workover and ESP installation, production from the Cohembi 1 well has averaged 1,370 bbls/day during September 2009 (200 bbls/day net to the Corporation after royalty), representing almost a 50% improvement with respect to the pre-workover rate. Further production improvements are anticipated through the fourth quarter of 2009 as two other well workovers are initiated. The Pinuna 1 well workover is due to commence in mid October and will involve perforation of a new reservoir zone that is located immediately above the presently producing interval. Following this activity, the Quillacinga 1 well is due to be fracture stimulated across the two reservoir zones.
Suroriente Block - Development Drilling to Commence in Late October
Suroriente Development Drilling Program: The drilling rig has now commenced mobilizing to the Suroriente block and the Corporation's initial two well drilling program in the Suroriente production property is due to commence at the end of October. Based upon the ongoing evaluation of the recently acquired 3D seismic, a significant drilling program including drilling in the Pinuna, Quillacinga and Cohembi pools is being planned for 2010. Preliminary information regarding this program may be found on the Corporation's website.
Exploration Block Activity - Seismic Program Commences
Alea 1947C Block: A 100km 2D infill seismic program recently commenced in the Alea 1947C block. This program will help to define several exploration leads previously identified along an extension of a productive trend that runs from Ecuador into the Colombian portion of the Putumayo Basin. Should the Corporation proceed to the next phase in the Alea 1947C Block, exploration drilling is anticipated in late 2010.
Alea 1848A Block: The recently acquired 110km of 2D data is now being integrated with the legacy seismic data in order to define the exploration leads previously identified.
Forward Looking Statements
Certain information regarding the Corporation contained herein may constitute forward looking statements within the meaning of applicable securities laws. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of facts. Although the Corporation believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will be realized. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. The Corporation's forward looking statements are expressly qualified in their entirety by this cautionary statement.
Suroco Energy Inc.
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia and Western Canada. The Corporation's common shares trade on the TSX Venture Exchange under the symbol SRN.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE SUROCO ENERGY INC.
For further information: For further information: Travis Doupe, VP Finance and Chief Financial Officer of the Corporation, Telephone: (403) 232-6784; Information may also be obtained at the Corporation's website at: www.Suroco.com